Zacks Investment Research Upgrades AngloGold Ashanti (AU) to Buy
AngloGold Ashanti (NYSE:AU) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $12.00 price target on the mining company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.10% from the stock’s current price.
According to Zacks, “AngloGold Limited is the largest gold producer at 7 million ounces a year, with reserves of 126 m oz. The company has operations in six countries on three continents, some of which are joint ventures, as well as exploration activities in ten countries. AngloGold can be financially characterized by high cash generation, substantial reinvestment in long-term growth and the payment of significant dividends. The company distinguishes itself from its producer peer group through its active involvement in the development of the gold market, particularly in Asia. “
A number of other analysts have also recently weighed in on the stock. ValuEngine cut shares of AngloGold Ashanti from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. Deutsche Bank raised shares of AngloGold Ashanti from a “hold” rating to a “buy” rating in a research note on Thursday, November 30th. Royal Bank of Canada raised shares of AngloGold Ashanti from a “sector perform” rating to an “outperform” rating and set a $11.50 target price on the stock in a research note on Monday, November 13th. raised shares of AngloGold Ashanti from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. Finally, JPMorgan Chase & Co. raised shares of AngloGold Ashanti from a “neutral” rating to an “overweight” rating in a research note on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $11.75.
Several institutional investors have recently modified their holdings of AU. BlackRock Inc. grew its stake in shares of AngloGold Ashanti by 3.0% in the second quarter. BlackRock Inc. now owns 28,450,519 shares of the mining company’s stock worth $276,540,000 after purchasing an additional 819,709 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of AngloGold Ashanti by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 12,411,363 shares of the mining company’s stock worth $120,644,000 after purchasing an additional 668,689 shares during the last quarter. Capital International Investors grew its stake in shares of AngloGold Ashanti by 57.9% in the second quarter. Capital International Investors now owns 1,506,280 shares of the mining company’s stock worth $14,641,000 after purchasing an additional 552,200 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of AngloGold Ashanti in the second quarter worth $3,810,000. Finally, Commerzbank Aktiengesellschaft FI grew its stake in shares of AngloGold Ashanti by 26.0% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,187,984 shares of the mining company’s stock worth $11,036,000 after purchasing an additional 244,887 shares during the last quarter. 31.27% of the stock is currently owned by institutional investors.
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AngloGold Ashanti Company Profile
AngloGold Ashanti Limited (AngloGold Ashanti) is a gold mining company. The Company’s business activities span the spectrum of the mining value chain. Its main product is gold. Its portfolio includes over 17 mines in approximately nine countries. It also produces silver, uranium and sulfuric acid as by-products.
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